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Interactive Strength Inc. (TRNR-0.78%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $2,014,000 from $306,000 in the same quarter the previous year. The increase is attributed to the acquisition of CLMBR, Inc.
Cost of revenue for the quarter was $2,302,000, representing 114% of revenue, compared to 467% in the same quarter of the previous year. This improvement in cost ratio is due to increased sales volume.
The company reported a gross loss of $288,000 for the quarter, compared to $1,123,000 in the previous year, with the improvement attributed to increased revenue.
Operating expenses decreased to $7,466,000 from $8,952,000, primarily due to reduced general and administrative expenses.
Net loss for the quarter was $7,141,000, down from $10,408,000 in the previous year. The decrease in net loss is due to increased revenue and reduced operating expenses.
Cash used in operating activities was $8,909,000, while cash used in investing and financing activities was $1,407,000 and provided by financing activities was $12,947,000, respectively.
Interactive Strength had a working capital of $5,792,000 as of September 30, 2024. The company acknowledges its dependence on securing additional outside capital to meet future obligations.
The filing also details various financial agreements, including a term loan with Vertical Investors LLC and several convertible notes.
Interactive Strength does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with U.S. GAAP technical expertise.
Interactive Strength continues to focus on expanding its product offerings and market presence, particularly in the commercial fitness equipment sector.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Interactive Strength Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.